Investors are warming to the S&P 500 index’s “forgotten 493” stocks, as stretched valuations and a sell-off in the AI sector trigger renewed warnings about outsized exposure to megacap companies.
The so-called Magnificent Seven US tech stocks dominate Wall Street’s blue-chip index and have carried it to record highs in recent years.
But this week the tech-heavy Nasdaq Composite index sold off on three consecutive days, prompted by worries over the future profitability of AI. Falls in some of the US market’s biggest, most heavily weighted names — Nvidia fell 3.5 per cent on one day — meant the S&P 500 was pulled lower, although so-called value stocks such as consumer staples, healthcare and utilities advanced at the same time.
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